September 26, 2023

Google Cloud top manager: “The problems solved by smart contracts are more important than tokens”

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2 minutes.

Google Cloud top manager: “The problems solved by smart contracts are more important than tokens”

Head of Web3 Development at Google CloudJames Tromans believes that the crypto industry should focus not on token rates, but on solving real problems that smart contracts can execute.

In an interview with Cointelegraph, James Tromans(James Tromans) stated that more attention needs to be paid to the logic in smart contracts, rather than the dynamics of supply and demand of tokens. Blockchain and smart contracts can bring innovation to different areas, reduce operating costs and create new revenue streams, he said.

“What business problems do you want to solve?When you use a smart contract to perform a certain operation and use a token, it is not about the token, but about the task itself. So I would like us to move away from all this talk about price manipulation, otherwise this is not a Web3 sector,” said a top Google Cloud executive.

He added that despite the bearish trendcrypto market, Google Cloud continues to be in high demand among enterprises looking to integrate blockchain. The last 12-15 months have seen increased interest in blockchain in the corporate sector as it provides transparency, increases transaction speed and reduces costs.

According to Tromans, the greatest interest inCompanies from the TradFi sector are using blockchain to solve problems related to finance and accounting. Google Cloud customers are also ready to integrate blockchain-based solutions for digital identity and increased supply chain transparency.

However, Tromans is not sure that blockchain will gainmass distribution. At the very least, this requires improving the user experience. For example, Web3 developers need to create simple solutions that help users recover private keys, Tromans explained.

“When blockchain solves the payment problem,Reduces the cost of games, encourages artists to create more and get paid for the work they do without them having to understand how the technology works - this is what is important for large-scale adoption of blockchain. When Web3 hits the masses, we won't call it Web3 anymore. We’ll call it the Internet again,” Tromans said.

Last year, Google Cloud became a validator on the Solana blockchain, and in February the service expanded its presence on the Tezos network, offering its infrastructure to Web3 project developers.